Recovering Market but Still Fragile

The battle at the 200 day moving average continued in the $SPY this week and after being rejected from that level on Thursday, the market fought back impressively today.  The big rally we saw two weeks ago seems to be getting absorbed through a time correction rather than a deeper price pullback and that is positive because it shows there is a stronger sense of urgency for buyers.  Markets are not healed yet, but the process of price recovery is more encouraging than it has been in a while.